Social network giant, Jack Dorsey’s Fintech company, Square has grown into a $29 billion digital payments giant and has become the go-to platform for users to send and receive money and buy Bitcoins.
Dorsey revealed on February 3 that Square Cash has become one of the most widely used mobile payment application in the United States and become the 2nd most popular free mobile application on the Apple App Store.
Square Cash became a fast-growing startup since it targeted merchants who do not have access to point-of-sale (PoS) terminals and credit card payments.
Previously it was becoming difficult for small businesses to gain access to financial services since it was reportedly illegal for unregistered merchants to accept credit card payments.
Square Cash was released after the company’s successful start as a merchant-focused payment processor.
The company was valued at $16 billion in November 2017 after users were enabled to buy Bitcoins on the mobile app.
One year later, in 2018, the firm was valued at $29 billion which is almost $13 billion higher than in 2017 in spite of the correction of the U.S. market.
The business model of Square Cash relies on the mobile payment application. The mobile payment application allows its users to send and receive payments instantly with minimal costs.
By integrating Bitcoins, the company has strengthened the image of the platform which is now forward-looking and has made the mobile application more innovative.
Twitter and Square CEO, Jack Dorsey said earlier this week, that he was not very sure if Bitcoin would become the currency of the internet. However, he also mentioned that he believed there could be a possibility having considered the performance of the Bitcoin to date.
Dorsey said: “I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.”
In an earlier interview, Jack Dorsey being optimistic stated that he was certain that the Bitcoin has tremendous potential of becoming the World’s single currency in a decade from now.
Looking at the company’s focus on innovation, Wall Street analysts believe that Square will perform strongly in the years to come.
The company has launched its most recent product ‘Square Card.’ The card is considered to be a Mastercard for merchants since merchants are allowed to withdraw or use the funds as soon as the funds arrive through the app.
Amrita Ahuja has been hired as the company’s new chief financial officer on January 03, 2019 to assist the company in building and scaling. Formerly, Ms. Ahuja was CFO of Blizzard Entertainment.
Dorsey added, “Amrita brings the ability to consider and balance opportunities across our entire business, and she will help strengthen our discipline as we invest, build, and scale.”
Analysts believe that the firm will continue to see growth in multiple areas of business, including its Bitcoin venture and its latest release of the debit card.